All Forum Posts by: Account Closed

Are the items on the "subject to" the full 90k amount or is it a smaller list? If it is less items that might open the escrow items. If it is close to that 90k you should look into rehab loan the 100k does sound like some kind of portfolio option not FHA or FNMA. Also are you owner occupying this property? As your rehab loans are out if it is multi and investment.

With a family i feel it depends on the layout of the multi family situation for how good a fit it will be, as well as what you have grown accustomed to. Because a 2 unit will not feel too different from a SFR. But 4 units can feel more like an apartment with added noise and usually smaller size units. But with young people you usually are not too set into your preferences especially with many leaving dorm life or planning on roommates anyway.

I think your next step would be to see a few multis in your price range and try to picture you life in one. Or if that does not work run some numbers and see if you want to down size your SFR and find a mulit to do as investment.

Hi @Bob Olsinski always great to see fellow Treasure Coast people here! Would love to connect and here you plans and what opportunities you are seeing in the local market. 

Some are warning about the owner occupied FHA route however if that is the problem there is still the HomeStyle Renovation option. Up to 50% ARV in repairs 85% LTV for investor SFR (multi only with owner occupied).

However no sweat equity can be pulled out through either product. But you do get a lower LTV than an investor cash out refi.

The state average is said to be $1500 a year for SFR anything over that I would prefer to avoid too large a chance of it going even higher. I also don't like flood zone property too many not in one. Get in touch with a fast insurance agent so you can get a quick quote while you shop it could change the deal quickly.

Personally I am not too worried about wood frame homes. I know the risk and the price usually accounts for it. 

If you be taking care of the home be aware home that old have their own character. Wall and floors will likely not be level there are usually multiple additions from different decades and building codes, if any. And some of our modern day necessities were after thoughts especially AC and insulation.

In Fl you will want to make sure you have a solid insurance quote some of them get really pricey with that age. I have had family have their policy dropped due to just age the home was in great shape. The ones I have seen on the south east coast are solid homes many of them that age no longer around were either too small for modern buyers, lacked major items like central AC or burned in the past.

Better credit will help you with DIT but do not expect it to be accepted past 50% back end. And you will want to have some reserves (401k is a great option to show funds especially if you have a match program and a bit of time)

You will need to watch you debt ratio closely with student loans like that. However you already have mentioned if you can show rent cash flow through the multi-family you can use 75% to off set it. As to rate and your credit score the others are correct usually after 660 credit is not longer factored into the rate. 

As you wait keep your debt to a minimum as you already are carrying a lot of monthly debt obligation, or plan on having it paid off by the time you are ready. And should you want in a few years Fannie is now more friendly, with interest rates, with cash out refi to pay off student debt. 

@Account Closed I would say one of the best strength of Quora is getting info from hard industries to connect with. There are some great insights to Google and Microsoft from people that work there. Or highly intellectual items where professors are chiming in on the answers summarizing years of research into a few paragraphs . 

With real estate I want more than one perspective across the country and in many settings because it gives me more insight. I am sure there are some great answers there but it will take more digging than on BP.

There is a rise in the shingle shop brokerage, just somewhere to hang your license and you pay a flat fee for each transaction. I think the fee is somewhere between $300-$500 usually I believe most of these you are mainly on your own little to no training, support or leads. But there are so many way to slice it you end up with a lot of variety among brokerages. But as a lender all of my information is second hand.